Bloomberg News

Gold, Natural Gas Fall; Corn, Sugar Rise: Commodities at Close

January 09, 2012

Jan. 9 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities rose 0.5 percent to 665.19 as of 5 p.m. in Singapore. The UBS Bloomberg CMCI index of 26 raw materials climbed 0.4 percent to 1549.363.

CRUDE OIL

Oil traded near the lowest level in a week as Morgan Stanley said petroleum-market fundamentals are deteriorating and Europe’s struggle to save the euro countered concern that Iran may disrupt Middle East crude exports.

Crude for February delivery slipped as much as 66 cents to $100.90 a barrel in electronic trading on the New York Mercantile Exchange and was at $101.51 at 3:20 p.m. Singapore time. The contract fell 0.3 percent on Jan. 6 to $101.56, the lowest close since Dec. 30. Prices are up 2.7 percent this year.

Brent oil for February settlement was at $113.54 a barrel, up 48 cents, on the London-based ICE Futures Europe exchange. The European benchmark contract’s premium to New York crude was at $12.03, the highest gap based on closing prices in almost two months. Crude markets: NI CRMKTS <GO>

NATURAL GAS

Futures fell in New York. Gas for February delivery dropped 1.1 percent to $3.028 per million British thermal units on the New York Mercantile Exchange. Prices are 31 percent lower than a year ago. U.S. natural gas: NI NUSMKT <GO>

OIL PRODUCTS

Gasoil’s premium to Dubai crude rose 44 cents, or 2.4 percent, to $18.86 a barrel at 10:59 a.m. Singapore time, according to PVM Oil Associates Ltd. This crack spread is at the widest since Dec. 9.

Fuel oil’s discount to Dubai crude widened 3 percent to $3.27 from $3.18 on Jan. 6, according to PVM. February high- sulfur fuel oil swaps dropped $2.50, or 0.4 percent, to $689.75 a metric ton, PVM said. The premium of 180-centistoke fuel oil to 380-centistoke grade fell by $1 to $12.25 a ton. A narrower viscosity spread shows bunker, or marine fuel, fell less than higher-quality fuel oil.

Japan naphtha swaps rose 25 cents to $950.75 a ton, PVM data showed. Naphtha swaps traded at a premium of $98.35 a ton to London-traded Brent crude futures, down from from $98.71 on Jan. 6. Asia oil products: NI OPAMKT <GO>

PRECIOUS METALS

Spot gold lost as much as 0.8 percent to $1,605.30 an ounce and traded at $1,615.22 at 3:29 p.m. in Singapore. It gained 3.5 percent last week. February-delivery bullion was little changed at $1,616.10 an ounce on the Comex in New York.

Spot silver gained 0.3 percent to $28.865 an ounce following a 2 percent decline on Jan. 6, the most since Dec. 28. Cash palladium was little changed at $615 an ounce after earlier sliding as much as 1.5 percent to $605.50 an ounce, the lowest since Dec. 14. Precious metal markets: NI PCMKTS <GO>

BASE METALS

Copper for delivery in three months dropped as much as 1.8 percent to $7,445 per metric ton on the London Metal Exchange, the lowest since Dec. 29. The contract was traded at $7,534 by 3:04 p.m. Shanghai time, after retreating 0.3 percent last week and 21 percent in 2011.

Aluminum for three-month delivery on the LME fell 0.6 percent to $2,057.25 a ton, Copper Falls to One-Week Low on Europe, Shanghai Inventories 9 nickel declined 0.4 percent to $18,669 a ton, and tin dropped 0.8 percent to $19,700 a ton. Zinc rose 0.4 percent to $1,861.25 per ton, and lead gained 0.5 percent to $1,969.50 per ton. Base metals markets: NI BMMKTS <GO>

GRAINS, SOFT COMMODITIES

March -delivery corn rose 0.9 percent to $6.4925 a bushel On the Chicago Board of Trade at 2:41 p.m. Singapore time. Soybeans for March delivery added 0.9 percent to $12.0675 a bushel.

Raw sugar for March delivery advanced 0.7 percent on Jan. 6 to settle at 23.29 cents a pound on ICE Futures U.S. in New York. The price was little changed this week. NI SOMKTS <GO>

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


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